Coinbase, a cryptocurrency exchange based in the United States, has announced the fourth-quarter earnings. The financial results have fallen short of market forecasts and expectations due to lower cryptocurrency prices and less trading activity.
The total income of $1.78 billion was a little lower than the $1.83 billion that was anticipated.
Adjusted earnings per share (EPS) also missed the projections. Revenue from transactions fell to $983 million, which is less than both the previous quarter and the corresponding period last year.
Revenue from subscriptions had mixed outcomes, rising over the previous year but down from the third quarter.
Coinbase kept a strong long-term perspective in spite of the weaker results. The business characterized cryptocurrency as cyclical, pointing out that usage and technological advancements persist despite transient instability.
Regular trading saw a decline in shares, but after-hours activity saw a minor recovery.
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